Difference between revisions of "Default Event"
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Latest revision as of 16:39, 15 June 2023
Definition
Default Event is a legal condition that follows from a borrower (or counterparty) to a financial contract not honoring their obligations. It is a Credit Event representing a failure to meet a contractual obligation, such as, but not limited to, failure to pay.
This is typically a category of clauses described in further detail a Loan Agreement.